Wednesday, November 29, 2023
No Result
View All Result
World News Crypto
  • Home
  • Bitcoin
  • Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
    • Crypto Mining
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Regulations
  • Scam Alert
  • Analysis
World News Crypto
  • Home
  • Bitcoin
  • Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
    • Crypto Mining
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Regulations
  • Scam Alert
  • Analysis
No Result
View All Result
World News Crypto
Home Scam Alert

Arbitrum-based DEX ArbiSwap rugs users days after launch – token down 99%

by World News Crypto
March 14, 2023
in Scam Alert
Reading Time: 2 mins read
A A
0
Arbitrum-based DEX ArbiSwap rugs users days after launch – token down 99%
Share on FacebookShare on Twitter


Advert

Arbitrum-based decentralized change (DEX) ArbiSwap rugged customers on March 2, and as of press time, the ARBI token has misplaced greater than 99% of its worth.

The token crashed from $1.5 to $0.0000000093 following the rug.

The ArbiSwap builders managed the platform’s liquidity swimming pools as they seeded a lot of the ARBI pairs at launch.

In accordance with PeckShield, the ArbiSwap deployer minted 1 trillion tokens after which swapped them for USDC, inflicting a big drop within the worth of ARBI within the USDC/ARBI pair on the DEX. The exploiter then executed a spatial arbitrage commerce within the subsequent block and swapped the USDC again to ARBI, then traded all of it for Ethereum — netting a complete revenue of 68.47 ETH from the transaction.

Based mostly on on-chain information, the Arbi rug pullers stole roughly 84 ETH from the undertaking and moved it to Twister Money.

ArbiSwap was launched on Feb. 24, claiming to supply ARBI holders 100% of the revenues generated on the DEX. The DEX claimed to hit $1 million in complete worth locked (TVL) on the platform inside half-hour of its launch and managed a complete TVL of $4.4 million, in line with DeFiLlama information.

Moreover, ArbiSwap was selling yield farming and staking companies with APYs upwards of 1000% on ETH and Bitcoin pairs.

The builders behind the platform have been nameless and it’s unclear whether or not any authorized motion might be taken following the rug pull. As a result of nature of the crypto trade, such scams have been widespread all through its historical past.

Individuals proceed to fall for advertising and marketing schemes selling companies providing income which can be too good to be true. The extreme lack of schooling and consciousness round crypto means it’s fertile floor for scammers.



Source link

Tags: ArbiSwapArbitrumBasedDaysDEXlaunchrugstokenusers
Previous Post

GMT price at risk as StepN monthly and daily users plunge

Next Post

BTC Edges Lower, as US Manufacturing Sector Contracts – Market Updates Bitcoin News

Related Posts

DOJ seizes $9M worth of Tether linked to crypto scam
Scam Alert

DOJ seizes $9M worth of Tether linked to crypto scam

November 23, 2023
Known scammer linked to memecoin named after Musk’s Grok chatbot, token dumps
Scam Alert

Known scammer linked to memecoin named after Musk’s Grok chatbot, token dumps

November 17, 2023
Ripple CEO Brad Garlinghouse warns of deepfake scams targeting the XRP community
Scam Alert

Ripple CEO Brad Garlinghouse warns of deepfake scams targeting the XRP community

November 21, 2023
Poloniex hacked for over $100 million
Scam Alert

Poloniex hacked for over $100 million

November 11, 2023
SafeMoon founders arrested on wire fraud and money laundering charges
Scam Alert

SafeMoon founders arrested on wire fraud and money laundering charges

November 3, 2023
Hong Kong to crack down on crypto money launderers in the aftermath of $193M JPEX scandal
Scam Alert

Hong Kong to crack down on crypto money launderers in the aftermath of $193M JPEX scandal

October 24, 2023
Next Post
BTC Edges Lower, as US Manufacturing Sector Contracts – Market Updates Bitcoin News

BTC Edges Lower, as US Manufacturing Sector Contracts – Market Updates Bitcoin News

Unity Game Engine Enables Web3 | NFT CULTURE | Web3 Culture NFTs & Crypto Art

Unity Game Engine Enables Web3 | NFT CULTURE | Web3 Culture NFTs & Crypto Art

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

World News Crypto

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at World News Crypto.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • Mining
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3
  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyrigth © 2023 World News Crypto.
World News Crypto is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Updates
    • General
    • Altcoin
    • Ethereum
    • Crypto Exchanges
    • Crypto Mining
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Regulations
  • Scam Alert
  • Analysis

Copyrigth © 2023 World News Crypto.
World News Crypto is not responsible for the content of external sites.

  • Stride Staked InjectiveStride Staked Injective(STINJ)$16.49-4.32%
  • JDBJDB(JDB)$0.021575-0.61%
  • bitcoinBitcoin(BTC)$37,904.002.21%
  • ethereumEthereum(ETH)$2,052.201.46%
  • USDEXUSDEX(USDEX)$1.080.90%
  • tetherTether(USDT)$1.000.07%
  • binancecoinBNB(BNB)$229.851.64%
  • rippleXRP(XRP)$0.611.51%
  • solanaSolana(SOL)$58.406.47%
  • usd-coinUSDC(USDC)$1.00-0.05%